During the nine-day celebration of Navaratri from October 15th to October 23rd, 2023, a total of 4,594 property units were registered in Mumbai city within areas under BMC jurisdiction. This marks a substantial 37.4% year-on-year (YoY) growth compared to the 3,343 units registered during the same period last year.
A report from Knight Frank India indicates that property registration during Navaratri contributed to the state exchequer’s revenue, generating a total of Rs 435 crore. Furthermore, the daily average registration rate surged from 371 units during the nine days of Navaratri in 2022 to 510 units in Navaratri 2023. In the first 14 days of October 2023, the city recorded a total of 3,231 registrations. However, in the subsequent nine days, daily registrations increased by 42%, totaling 4,594 registrations. The average daily registration rate, initially at 231 units during the first 14 days of October 2023, witnessed a remarkable 121% increase, reaching 510 units.
The drop in registrations during the first half of the month was primarily due to homebuyers’ hesitance to make significant purchases during the Shraddh period. In contrast, the onset of the festive season had a positive impact, leading to a surge in registrations. This was supported by a positive outlook among homebuyers, driven by stable interest rates and increased enthusiasm for larger homes.
The improvement in revenue collection directly correlated with the increased number of registrations. Total revenue collections, primarily driven by the rise in registration volume, saw a substantial 139% increase. This resulted in a total revenue collection of Rs 435 crore during the nine days of Navaratri, compared to the Rs 181 crore collected in the first 14 days of October. The per-day revenue collection also experienced significant growth, increasing from Rs 13 crore per day to Rs 48 crore per day, marking a notable 272% increase.
“The nine days of Navaratri saw a significant surge in registrations as the city embraced this auspicious period for high value commitments. While Registration volumes remained muted in the initial 14 days of October 2023 as homebuyers avoid significant life milestones such as home registrations during Shraddh period, with the commencement of the festive season, there was a noticeable upward shift in this trend,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
“The numbers make Navratri 2023 better than the same period last year. Registration volumes are expected to continue on a strong note as the festive season kicks in with the onset of Navaratri followed by Dusshera and Diwali in the coming weeks. With sales volumes holding strong so far this year, moderately increasing property price and stable policy interest rate would serve as the key catalysts for the housing market for the remainder of this year,” he added.
